Peter Lacaillade

But I remember seeing... There were a bunch of companies back when I was first starting SES, like in 2011, 12, 13, 14.

They would have websites and they would say that they did like...

real estate online.

All it was was like a shiny website.

There was no substance.

It was just all maybe trying to make your user experience look cool.

Yeah.

And it's like having A plus teams go extremely deep and build something.

You're specifically trying to solve problem versus sell a product.

Sure.

We're flexible.

In our mindset, we have ourselves a lot of our capital invests out of a 12-year vehicle that has three-year extensions.

We need to have some sort of understanding around exit rights when you get out towards the end life of the fund and have those things built in.

And in reality, I think probably if Long Lake is successful at doing what they want to do, they will take it public.

They're like a private equity firm in some ways, but there's a very substantive technology story here.

I'm sure there will continue to be lots of BS stuff out there, but they will have real substance.

And so maybe instead of trading teens multiple, it will trade north of that because of the AI storing the different areas it can go into.

And we might have the opportunity to get liquidity.

Whenever you want it.

Yeah.